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VOTE OBAMA? - U.S. FAMILIES NET WORTH PLUNGED 40%!!!

JoeBtfsplk 2012/06/12 13:05:54
In a study (pdf) released today, the Federal Reserve reports that
Americans saw a record drop in their wealth between the years 2007 to
2010. Driven primarily by plummeting home values, families' median net
worth dropped 38.8 percent, to levels last seen 18 years ago.



Reuters reports:



"The median net worth, which is the value of assets minus debt, plunged
to $77.3 trillion in 2010 from $126.4 trillion in 2007. Net worth in
2010 was at levels last seen in 1992.



"'Although declines in the values of financial assets or business were
important factors for some families, the decreases in median net worth
appear to have been driven most strongly by a broad collapse in house
prices,' the Fed said.





"The survey's findings shine a harsh light on the devastation inflicted
on the economy by the 2007-09 recession and could help to explain the
frustratingly slow pace of the recovery."



The Washington Post says that this survey is conducted every three years
and "one of the most exhaustive looks to date at the greatest economic
upheaval in a generation."



The New York Times says the report is "full of grim news." That includes
the fact that Americans are saving less for the future and aren't
making much progress paying off their debts.



"The share of households reporting any debt declined by 2.1 percentage
points over the last three years, but 74.9 percent of households still
owe something and the median amount of the debt did not change," the
Times reports.







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  • Mr.Steve 2012/06/12 16:32:14
  • captainquiggle 2012/06/12 14:51:15
    captainquiggle
    Meanwhile, the median income for all American families fell 7.7 percent.

    Do the math. It's like you forgot about the Housing Crisis.
  • JoeBtfsplk captain... 2012/06/12 15:04:26
    JoeBtfsplk
    right choo r cornflake - here's a few others - and NO, I forget nothing!


    WASHINGTON (AP) — The Great Recession shrank Americans' wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the Federal Reserve reported Monday.

    Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. The median marks the point where half had more and half had less. The recession officially began in December 2007 and ended in June 2009.

    Net worth is the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards

    The Fed's findings are in its latest Survey of Consumer Finances, a comprehensive review of household finances that the Fed has done every three years dating to 1989.

    The Fed's survey of consumer finances contains information only through 2010. A separate survey the Fed released last week showed that total family net worth climbed 4.7 percent in the January-March quarter to $62.9 trillion, about 28 percent above its recession low. The increase was fueled by stock market gains.

    Those gains put net worth about 5 percent below its pre-recession peak of $66 trillion. But since the first quarter ended, lower stock prices have eroded some household wealth.

    ...







    right choo r cornflake - here's a few others - and NO, I forget nothing!


    WASHINGTON (AP) — The Great Recession shrank Americans' wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the Federal Reserve reported Monday.

    Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. The median marks the point where half had more and half had less. The recession officially began in December 2007 and ended in June 2009.

    Net worth is the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards

    The Fed's findings are in its latest Survey of Consumer Finances, a comprehensive review of household finances that the Fed has done every three years dating to 1989.

    The Fed's survey of consumer finances contains information only through 2010. A separate survey the Fed released last week showed that total family net worth climbed 4.7 percent in the January-March quarter to $62.9 trillion, about 28 percent above its recession low. The increase was fueled by stock market gains.

    Those gains put net worth about 5 percent below its pre-recession peak of $66 trillion. But since the first quarter ended, lower stock prices have eroded some household wealth.

    The Fed's more detailed Survey of Consumer Finances is done every three years. The latest survey showed Monday that much of the drop in net worth from 2007 to 2010 reflected the collapse of the housing market, which drove down home values.

    Among families that owned homes, the Fed survey found that their median home equity declined from $95,300 in 2007 to $55,000 in 2010, a drop of 42.3 percent. Home equity is the home's value minus how much is owed on the mortgage.

    The Fed survey found that median incomes fell from $49,600 in 2007 to $45,800 in 2010, a drop of 7.7 percent.

    The Fed survey found that the proportion of families carrying a credit card balance fell to 39.4 percent in 2010. That was down 6.7 percentage points from 2007. Among families with a credit card balance, the median balance fell from $3,100 in 2007 to $2,600 in 2010, a drop of 16.1 percent.

    The proportion of families with debt that had a debt payment that was late by 60 or more days during 2010 rose to 10.8 percent, up from 7.1 percent in 2007.
    (more)
  • captain... JoeBtfsplk 2012/06/12 15:51:46
    captainquiggle
    So, you're saying that less people own houses and pay their bills on time. This is shocking. Where do I go to cower in a corner?
  • JoeBtfsplk captain... 2012/06/12 16:59:50
    JoeBtfsplk
    Armeggedon Nov. 6 - I recommend you do your cowering that day - and turn out all the light too
  • captain... JoeBtfsplk 2012/06/12 17:10:27
    captainquiggle
    I guess I should just pack up and move, because it's obvious this country is in the crapper because less people own homes and pay their bills on time. How did I not know this one? Oh, that's horrible.
  • JoeBtfsplk captain... 2012/06/12 17:13:55
    JoeBtfsplk
    credit cards and the misuse of same
  • captain... JoeBtfsplk 2012/06/12 17:19:23
    captainquiggle
    Incredible and all due to those evil democrats. How could they?
  • JoeBtfsplk captain... 2012/06/12 17:54:52
    JoeBtfsplk
    both R's & D's=Progressives
  • captain... JoeBtfsplk 2012/06/12 18:05:02
    captainquiggle
    Oh really? You're that far to the right that the Republicans in office now look like progressives?

    You, my friend, are a loon.
  • LarryFine 2012/06/12 14:49:21
    LarryFine
    +1
    Here it comes.... "But he inherited....from Bush". Obama wants equality for all; a fair share of the poverty.
  • 'Zedd 2012/06/12 13:51:53
  • JoeBtfsplk 'Zedd 2012/06/12 14:13:28
    JoeBtfsplk
    +1
    not so 'bizarro world' after all, eh?
  • Chris - The Rowdy One! #187 2012/06/12 13:38:35
  • JoeBtfsplk Chris -... 2012/06/12 13:47:07
    JoeBtfsplk
    +3
    welcome to the brave new world of Liberalism and Socialism, aka Progressivism.

    Sadly, many from both parties are aware of this and condone it!?!?


    Weed 'em out in Nov.!
  • Chris -... JoeBtfsplk 2012/06/12 14:07:26
  • JoeBtfsplk Chris -... 2012/06/12 14:12:18
    JoeBtfsplk
    +1
    please think twice before you do. Romney has to be next in preparation for a REAL TEA Party candidate in '16!!!
  • Chris -... JoeBtfsplk 2012/06/12 14:14:32
  • JoeBtfsplk Chris -... 2012/06/12 14:19:59
    JoeBtfsplk
    +1
    be that as it may, don't give up the ship
  • Chris -... JoeBtfsplk 2012/06/12 14:39:10
  • JoeBtfsplk Chris -... 2012/06/12 14:42:07
    JoeBtfsplk
    +1
    as a life-long surfer, I have 3 surfboards.

    I'll just paddle as long as my arms hold out!
  • Chris -... JoeBtfsplk 2012/06/12 14:43:06
  • JoeBtfsplk Chris -... 2012/06/12 14:50:10
    JoeBtfsplk
    +1
    practice/years
  • Chris -... JoeBtfsplk 2012/06/12 15:07:01
  • JoeBtfsplk Chris -... 2012/06/12 21:01:55
    JoeBtfsplk
    +1
    you gotta be doubly on top of it there - heard the outer banks went off a couple of times this year already - even FL got a sweet E swell with perfect offshore winds for about 8 hrs.
  • Chris -... JoeBtfsplk 2012/06/12 21:06:12
  • JoeBtfsplk Chris -... 2012/06/12 22:23:31
    JoeBtfsplk
    +1
    not always - like today is very small, windy, and rainy
  • Chris -... JoeBtfsplk 2012/06/13 10:41:22
  • JoeBtfsplk Chris -... 2012/06/13 11:12:30
    JoeBtfsplk
    +1
    right now;



    Wind Direction (WDIR): W ( 270 deg true )
    Wind Speed (WSPD): 23.3 kts
    Wind Gust (GST): 27.2 kts
    Wave Height (WVHT): 3.6 ft
    Dominant Wave Period (DPD): 6 sec
    Average Period (APD): 4.3 sec
    Mean Wave Direction (MWD): WSW ( 254 deg true )
    Atmospheric Pressure (PRES): 30.02 in
    Pressure Tendency (PTDY): +0.06 in ( Rising )
    Air Temperature (ATMP): 50.2 °F
    Water Temperature (WTMP): 48.7 °F
    Wind Chill (CHILL): 42.8 °F

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